Morocco Refiner Samir to Resume Production in June

Morocco Refiner Samir to Resume Production in June

Morocco’s sole oil refiner Samir will resume operating in mid-June after financial difficulties halted its production since August 2015, Morocco World News reported.

Morocco’s tax administration seized last year Samir’s bank accounts in pursuit of a $1.35b tax claim. However, the trustee controlling the company said recently that the Commercial Court of Casablanca and the tax administration had lifted the freeze on its assets while it was working to restart production as quickly as possible, Reuters reported. According to the court, restarting production would lead the value of the company to rise and ease its sale in the near future.

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